Commodity Daily News

Oil Prices Jump Up Bullishly

The Crude Oil prices rose bullishly by more than $3 in yesterday's trading session. A barrel of oil was breached the $115 barrier as the USD weakened against the EUR and a rally in heating oil pulled new buyers into energy markets. There was even more volatility in the markets as September contracts expire today. Although the Tropical Storm Fay seems to be less threatening than many expected, and oil facilities in the Gulf are no longer expected to be in threat.

The American Crude Oil Inventories are expected to be released today at 2:35 GMT and will cause volatility in the Crude Oil trading. After a negative value last week, the expectation is for 0.7M this week, which should lower the Crude Oil prices in this case as it means that supply is rising. As the bad weather worries seem to be almost over and higher Crude Oil Inventories in the forecast, the Crude Oil prices should lower in today's markets.